Morning business headlines: 12-6-13

Friday, December 06, 2013 11:26 AM

Unemployment falls to 7 percent in November

CNNMoney: Hiring continued at a solid pace in November, and the unemployment rate fell for the right reasons. The U.S. economy added 203,000 jobs in November. Economists surveyed by CNNMoney had predicted payroll gains of 183,000 jobs. The unemployment rate fell to 7 percent, the lowest level since November 2008, as more people said they got jobs and joined the labor force.

LA sues Citi, Wells Fargo over discriminatory mortgage lending

Reuters: The city of Los Angeles has filed a lawsuit against Citigroup Inc. and Wells Fargo & Co., seeking damages for a loss in tax revenue due to discriminatory mortgage lending to the city's minority communities, a court filing showed. In complaints filed in federal court, LA city attorney Mike Feuer said that Citigroup and Wells Fargo "engaged in a continuous pattern and practice of mortgage discrimination in Los Angeles since at least 2004 by imposing different terms or conditions on a discriminatory and legally prohibited basis." Spokeswomen for Citigroup and Wells Fargo told Reuters that the lawsuit is without merit.

Consumer spending in U.S. rose more than forecast in October

Bloomberg: Consumer spending in the U.S. rose more than forecast in October, a sign the biggest part of the economy is gaining momentum from firming employment. Household purchases climbed 0.3 percent after a 0.2 percent increase the prior month, the Commerce Department reported today in Washington, D.C. The median estimate in a Bloomberg survey of 73 economists called for a 0.2 percent rise.